The Bank of America Customized Cash Rewards credit card for students is a no-annual-fee cash-back card built for flexibility and credit building. Cardholders choose one 3% cash-back category, get 2% on groceries and wholesale clubs, and 1% on everything else. It includes a welcome bonus, 0% introductory APR on purchases and qualifying balance transfers, monthly FICO score access, and several security and digital features tailored to students.
Key features and specifications
- Rewards structure: 3% cash back in a category of the cardholder’s choice; 2% at grocery stores and wholesale clubs; 1% on all other purchases.
- Choice categories for 3%: Gas and EV charging, online shopping (including cable, internet, phone plans, streaming), dining, travel, drugstores and pharmacies, or home improvement and furnishings.
- Quarterly cap: The 3% and 2% rates apply to the first $2,500 in combined purchases each quarter (in the choice category and grocery/wholesale clubs). After that, purchases earn 1%.
- Welcome bonus: $200 online cash rewards after $1,000 in purchases within the first 90 days of account opening.
- Intro APR offer: 0% intro APR for the first 15 billing cycles on purchases and on balance transfers made within the first 60 days of account opening. After the intro period, a variable APR applies (the card’s current range is stated as approximately 19.24% to 29.24%).
- Balance transfer fee: 0% fee for balance transfers made within the first 60 days. After the intro period, the standard balance transfer fee applies—confirm current terms with Bank of America.
- Annual fee: $0.
- Credit score access: Free monthly FICO score available in online banking or the mobile app (opt-in required).
- Redemption options: Statement credits, direct deposits to a Bank of America checking or savings account, transfers to eligible Merrill accounts, contributions to qualifying Merrill 529 accounts, or checks (minimums and automatic redemption rules apply).
- Security and convenience: Zero liability protection, fraud alerts, contactless pay, digital wallet support (Apple Pay/Google Pay/Samsung Pay), account alerts, paperless statements, and Balance Connect overdraft protection when linked to an eligible checking account.
How the rewards actually work
Cardholders pick one category to earn 3% cash back. The card also automatically gives 2% at grocery stores and wholesale clubs. The 3% and 2% rates apply up to a combined $2,500 in purchases each calendar quarter; after reaching that cap, all purchases earn 1%.
The choice category can be changed once per calendar month through online banking or the mobile app, letting students align rewards with their shifting spending (for example, switching from dining to gas when needed).
Redemption and account management
- Redeem any time, any amount: Cash rewards can be redeemed as statement credits, deposits to a Bank of America account, transfers to eligible Merrill accounts, or checks (minimums may apply).
- Automatic redemption: You can set up automatic redemptions into eligible Bank of America or Merrill accounts (automatic redemptions typically start at $25; some redemption types are not eligible for automatic enrollment).
- FICO score: Monthly FICO score updates inside the app help students track credit health and learn which factors affect their score.
Security, tools, and student-oriented features
This card includes features helpful for someone managing finances for the first time:
- Fraud monitoring and zero liability: Potential fraud is flagged and blocked when abnormal patterns appear, and cardholders are protected from unauthorized charges.
- Balance Connect: Link an eligible Bank of America checking account for overdraft protection to help avoid declined purchases or returned checks.
- Digital convenience: Add the card to digital wallets, receive text or email alerts, use paperless statements, and manage accounts with Bank of America’s mobile app.
- Financial education: Access to Better Money Habits resources and options to schedule appointments for one-on-one guidance.
Pros and cons
Pros
- No annual fee: Cost-effective for students building credit.
- Flexible cash-back categories: Ability to choose a 3% category that matches current spending habits and change it monthly.
- Decent base rewards: 2% on groceries/wholesale clubs and 1% on everything else provide consistent earnings.
- Welcome bonus: $200 after $1,000 in spending can offset early expenses.
- Student-focused tools: Free monthly FICO score, fraud protection, mobile banking, and educational resources.
Cons
- Quarterly cap on higher rates: The 3% and 2% rates cover only the first $2,500 in combined purchases each quarter, which limits maximum high-rate earnings.
- Variable APR after intro: Once the 0% intro period ends, the APR can be high depending on the applicant’s creditworthiness.
- Balance transfer terms vary: While there is a 0% transfer fee window for qualifying transfers, the standard fee applies afterward—students should confirm current fees before transferring balances.
- Best for those who rotate categories: Card value increases when the primary 3% category is used intentionally; casual spenders may prefer a flat-rate cashback card.
Final recommendation
The Bank of America Customized Cash Rewards credit card for students is a strong starter card. It combines no annual fee, a meaningful welcome bonus, flexible category choices, and useful student-centered features like monthly FICO score access. For students willing to select and use the 3% category strategically and keep an eye on the quarterly cap, it delivers solid value while helping build credit.
Always review the issuer’s current terms for APR ranges, balance transfer fees, and offer details before applying to ensure the card still matches your needs.
You will stay on this site and learn how to apply for this card.